Cash Converters Celebrates 200th UK Store Opening

Cash Converters, the UKs number one retailer of buying and selling pre-owned goods, has today announced the opening of its 200th UK store in Goole, Yorkshire. This news comes after a period of sustained growth and successful recruitment of new franchisees across the Cash Converters network.

Following a strong end to the 2010/2011 financial year, the high street retailer has confirmed that it is on track to exceed its target of opening 200 stores by the end of the fiscal year, and is anticipating continued success and growth next year, with the aim of reaching 250 stores by mid 2012.

This news comes at a time when economic conditions are forcing many retailers across the UK to make staff redundancies and close stores. However Cash Converters’ approach to the high street ensures that customers, across all demographics, are able to visit a local store and buy a good quality item or make instant cash during these austere times.

The 200th store opening is a huge milestone for Cash Converters and takes place only six months after announcing the worldwide 600th store opening, in Sidcup, Kent. These landmark achievements, reinforce Cash Converters position as the leading player in the market place and puts the retailer in a strong position for continued growth in 2011 and 2012.

David Patrick, chief executive of Cash Converters, believes that the people at the heart of the business are instrumental in driving this continued growth. Coupled with strong investment in the brand and the launch of the Personal Finance services, Cash Converters continues to go from strength to strength.

David said: “We have a great network of franchise stores and our corporate store presence is continuing to grow. We currently have 67 franchisees on board, many of who have multiple stores after experiencing great success with their first venture.”

Cash Converters transformed the concept of buying and selling pre-owned goods, since being launched in Australia in 1984 the company has grown enormously with more than 600 stores in over 21 countries worldwide.

David continued: “Cash Converters has seen double figure percentage increases for the last eight years, and a noticeable acceleration in growth during the last three years. Our sharp looking stores, modern retailing practices, professional management techniques and high ethical standards which are present in all Cash Converters stores set us apart from the competition and ensure that we remain number one in the UK.”

The new store in Goole, a corporately operated store, has created six new jobs in the town. In total almost 200 jobs have been created in the UK this year as a result of the new Cash Converters store openings and this number is expected to reach 300 by the end of 2011.

Sean McTaggart, new store development manager said: ”I’m sure that this new store will be a resounding success. At Cash Converters nothing is left to chance, there is a robust system of training, procedures and support in place to support our managers and the team. As well as a recognised high street retailer, we offer peace of mind and fair prices for both buyers and sellers so everyone can benefit.”

David concluded: “This is a very exciting time to be involved with the company, our recent investment of almost £1 million in a new TV advertising campaign has meant further support for our franchisees. We have an ambitious company ethos with a strong global vision. People from all walks of life are recognising the benefits of the wide range of services on offer including, pawnbroking, spread the cost, buys, buybacks and selling helping us to retain our number one position.”